On September 22, the country’s largest foreign investor, Samsung Vietnam, has granted access to its $250,000 Smart School Programme to Thai Nguyen University of Medicine and Pharmacy, as part of its corporate social responsibility efforts in the field of education. Earlier, on September 9, equal funds were provided to Ho Chi Minh City University of Medicine and Pharmacy. The program is expected to popularise new, more inclusive and interactive teaching and learning methods at universities. “Education and healthcare are the key sectors of our corporate social responsibility (CSR) programmes, through which we invest for the development of Vietnam and display our gratitude for the local society’s kind support,” expressed Hyun Woo Bang, Samsung Vietnam’s senior vice president and chief relations officer. The Smart School initiative closely follows the Ministry of Education and Training’s directive on educational innovation programmes. Samsung … [Read more...]
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Vietnam tells consumers to stop using Samsung Galaxy Note 7 ‘immediately’
Exploding battery incidents around the world have raised concerns about the South Korean tech giant's flagship phone. The Ministry of Industry and Trade has officially asked Vietnamese consumers to stop using their Galaxy Note 7 phones immediately as concerns over the model's fire-prone batteries continue to grow. Owners are also urged to contact the manufacturer and have their devices swapped as soon as possible. The ministry's Vietnam Competition Authority, which is responsible for protecting consumers, said that there have been reports in some countries of the phones igniting or exploding while being charged. In Vietnam, the South Korean tech giant have sold 13,000 units since the phone hit local stores last month. No incident has been reported so far. Samsung Vietnam said that all the devices will be recalled and replaced by the end of this year. While waiting for a swap, consumers will be given a new Samsung Galaxy A3. They can either return this less expensive phone later, … [Read more...]
Samsung looking for more local suppliers
Samsung looking for more local suppliers Quoc Hung HCMC - South Korean tech giant Samsung expects more Vietnamese enterprises to join its global supply chain and will send Korean experts to help them improve production. Samsung Vietnam spoke of the plan at a seminar held last week as part of the third Vietnam International Supporting Industries Exhibition (VIS Expo 2016) in the city. The expo was held by the HCMC Department of Industry and Trade last week. Lee Sang Su, general director of Samsung Electronics HCMC CE Complex (SEHC), said over the past three years Samsung has been looking for eligible local enterprises and sending Korean experts to support them to improve capacity, so that they can participate in Samsung’s supply chain. Lee said Samsung always wants to join forces with the Government to develop domestic supporting industries and create opportunities for local firms to join its supply chain and help the group sharpen its global competitiveness and sustain … [Read more...]
Samsung looks to strengthen lineup of Vietnamese suppliers
Samsung Vietnam Co., Ltd. officially opened a large-scale exhibit under the theme “Connecting Vietnamese Enterprises with the Global Supply Chain” at Vietnam Supporting Industry Expo 2016 (VSI 2016) to be held at Saigon Exhibition and Conference Centre from September 7 to 9 of 2016. This is the first time Samsung has participated in an exhibit except for the Supporting Industry Exhibition which it co-hosted with the Ministry of Industry and Trade in June 2016 in Hanoi for the third consecutive years since 2014. Taking up an area of more than 200 square metres, the largest of the 250 booths at the exhibition, Samsung’s showcase is divided into three main stages: one to display parts suppliers, with an appearance from eight first-grade suppliers, an area introducing three of Samsung’s best suppliers, and an area displaying SEHC’s notable products, like TVs, vacuum cleaners, washing machines and refrigerators. Samsung invited 200 Vietnamese … [Read more...]
Samsung halts sales, recalls Galaxy Note 7 in Vietnam over phone explosion reports
Samsung Vietnam has said that all sales of its Galaxy Note 7 smartphones in the country would be ceased, and that purchased devices would be recalled following global reports of battery malfunctions that leave the phones fire-prone. Samsung Vietnam has said that all sales of its Galaxy Note 7 smartphones in the country would be ceased, and that purchased devices would be recalled following global reports of battery malfunctions that leave the phones fire-prone. Vietnam’s business of South Korean electronics giant Samsung announced its plan on Saturday to halt all sales of its flagship Galaxy Note 7 phones in the Vietnamese market, while urging customers who had purchased the model to exchange for new ones free of charge. The news came weeks after the phone was unveiled, and one day after the company’s president of mobile communications business Koh Dong-jin made an official announcement of a recall in ten markets, including South Korea, the U.S., and Vietnam. As of last … [Read more...]
Breakfast @ Tuoi Tre News – September 4
Check out what is in the news today:Politics -- India will provide Vietnam with a credit line of US$500 million for defense cooperation, Indian Prime Minister Narendra Modi announced at a press conference on Saturday in Hanoi.Society -- Doctors at the 121 Military Hospital, based in the Mekong Delta city of Can Tho, confirmed on Saturday that they had saved a 52-year-old man from nearby Tra Vinh Province who had been hospitalized in a critical condition after being bitten by a tree snake in the tongue. -- The Central Power Corporation said on Saturday that Cham Islet, an emerging tourist destination off the central province of Quang Nam, has been connected with the national grid. A project worth nearly VND500 billion ($22.1 million) will begin supplying electricity to more than 3,000 islanders later this month. -- More than 100 people at a nightclub located in Kien An District in the northern city of Hai Phong were taken into custody after police swooped on the venue early Saturday … [Read more...]
Where will Nokia stand in the Vietnamese market when it returns?
VietNamNet Bridge - Sources all say that Nokia has been hurrying to employ and train workers to prepare for its return to Vietnam. Under an agreement signed between Nokia Technologies and HMD Global Oy, a newly set up business in Finland, HMD Global will develop and make products bearing the Nokia brand, from feature to smartphones and tablets. HMD stated it will spend more than $500 million within the next three years to support marketing activities to popularize Nokia products all over the globe. In Vietnam, zing.vn has quoted sources as reporting that Nokia has been quietly recruiting workers and carrying out training campaigns, preparing for the re-appearance in the market of two feature phone models to be launched by the end of the year and two Android smartphone models by early 2017. HMD stated it will spend more than $500 million within the next three years to support marketing activities to popularize Nokia products all over the globe. In fact, feature phones with the Nokia … [Read more...]
Many MA, bachelor degree graduates remain unemployed
VietNamNet Bridge - Nearly 200,000 workers with bachelor’s and master’s degree were unemployed as of the end of the second quarter of the year, as shown in MOLISA’s latest bulletin. The CEO asked: “What do you think you will be doing in 30 years?” Only a few hands were raised in the hall. The majority of participants were embarrassed because they could not imagine what they would be doing in 30 years. More than 1 million people were reported unemployed in the second quarter of the year, including 418,000 trained workers. Most of the unemployed were university graduates (191,000). There were 94,800 workers that had completed junior colleges (3-year training) and 59,100 workers intermediate school (2-year training). Nearly 200,000 workers with bachelor’s and master’s degree were unemployed as of the end of the second quarter of the year, as shown in MOLISA’s latest bulletin. The high number of 191,000 unemployed bachelor graduates has … [Read more...]
Exports down, revenue shrinks
VietNamNet Bridge - Vietnam’s export growth rate was modest at 5.7 percent in the first half of 2016, the lowest in the last five years. This has raised concerns that the 6.7 percent GDP growth rate may be unattainable, while state budget revenue will shrink. While Vietnam exported 4.6 million tons of crude oil in the first six months of 2015 and earned $2.14 billion, it sold 8.68 million tons of crude oil and LPG in the first half of 2016 valued at $2.4 billion. According to the Central Institute of Economic Management (CIEM), Vietnam’s exports increased by 9.1 percent in the first half of the year, but the export turnover stayed at $82.1 billion because of the export price decrease of 3.85 percent on average. CIEM’s head Nguyen Dinh Cung commented that the export capability of large enterprises like Samsung Vietnam, the biggest exporter, has hit the ceiling. “They have been expanding in the last few years and the exports cannot increase continously,” he … [Read more...]
FDI: A double edged sword for Vietnam
Reliance on FDI could lead Vietnam straight into the middle-income trap. Vietnam has become an attractive destination for foreign direct investment with many international corporations establishing new facilities in the country, known as greenfield investment. The country topped the emerging markets index for greenfield FDI in 2014 and 2015, surpassing 13 other countries in the annual study by fDi Intelligence at the FT data division, which looked at inbound greenfield investment relative to the size of each country’s economy. Last year, Vietnam scored 6.45 in the index, meaning the country attracted almost 6.5 times the amount of greenfield FDI that was expected given the size of its economy; leaving behind runners-ups Hungary and Romania and other ASEAN peers such as Malaysia and Thailand. Vietnam is emerging as a major manufacturing hub in electronics, standing fourth in Asia-Pacific in terms of FDI behind India, China and Indonesia. The four countries combined account for … [Read more...]
Foreign investment: A double edged sword for Vietnam
Reliance on FDI could lead Vietnam straight into the middle-income trap. Vietnam has become an attractive destination for foreign direct investment (FDI) with many international corporations establishing new facilities in the country, known as greenfield investment. The country topped the emerging markets index for greenfield FDI in 2014 and 2015, surpassing 13 other countries in the annual study by fDi Intelligence at the FT data division, which looked at inbound greenfield investment relative to the size of each country’s economy. Last year, Vietnam scored 6.45 in the index, meaning the country attracted almost 6.5 times the amount of greenfield FDI that was expected given the size of its economy; leaving behind runners-ups Hungary and Romania and other Southeast Asian peers such as Malaysia and Thailand. Vietnam is emerging as a major manufacturing hub in electronics, standing fourth in Asia-Pacific in terms of FDI behind India, China and Indonesia. The four countries … [Read more...]
Samsung SDS increases its investment in Vietnam
The Hanoitimes - Samsung SDS will co-operate with the country`s largest airport terminal logistics business Aviation Logistics Service (ALS) to establish a joint venture in Vietnam and boost its presence in the Southeast Asian logistics market. The information has been published on Samsung SDS’s website recently. "Considering ALS's local network and diverse business capabilities, we decided that Vietnam is the optimal partner for Samsung SDS. Through this agreement we will continue to expand our business in Southeast Asia," said Kim Hyung-tae, executive vice president of Samsung SDS's Smart Logistics Business Unit. According to Hyung-tae, there are numerous reasons for choosing Vietnam to establish a joint venture. The first is the rapid growth of the local logistics market, reaching between 15 and 20 per cent annual growth. The second is that a large number of foreign investors are relocating their manufacturing facilities to Vietnam thanks to the recent change of … [Read more...]
Samsung SDS strengthens regional presence through Vietnamese joint venture
Samsung SDS will co-operate with the country's largest airport terminal logistics business Aviation Logistics Service (ALS) to establish a joint venture in Vietnam and boost its presence in the Southeast Asian logistics market, according to information published on Samsung SDS’s website on August 18. "Considering ALS's local network and diverse business capabilities, we decided that Vietnam is the optimal partner for Samsung SDS. Through this agreement we will continue to expand our business in Southeast Asia," said Kim Hyung-tae, executive vice president of Samsung SDS's Smart Logistics Business Unit. According to Hyung-tae, there are numerous reasons for choosing Vietnam to establish a joint venture. The first is the rapid growth of the local logistics market, reaching between 15 and 20 per cent annual growth. The second is that a large number of foreign investors are relocating their manufacturing facilities to Vietnam thanks to the recent change of international trade … [Read more...]
More FIEs moving research and development to Vietnam
An increasing number of foreign companies are expanding research and development (R&D) activities in Vietnam. At the meeting with Chairman of the Ho Chi Minh City People’s Committee, Nguyen Thanh Phong on August 1, Go Watanabe, first senior vice president of Nidec, said that the company is moving some of its R&D activities to Saigon Hi-Tech Park (SHTP). According to Watanabe, apart from raising the capacity of the Nidec Sankyo project, one of its projects at the park, the company is going to establish an R&D centre here that would work on increasing the efficiency of the products that the company is manufacturing in Ho Chi Minh City. “With this plan the company shows interest in developing local human resources,” said Watanabe. Chairman Phong said he supported the plan to increase investment, and especially the plan for the R&D centre. He said that Ho Chi Minh City has many universities offering quality engineering courses and providing ample human … [Read more...]
Part of the puzzle
Early this year, Mr. Hoang Gia Hung, Chairman of the Viet Hung Packaging Company, welcomed an important guest at his factory. The man was Mr. Han Myoung Sup, Executive Vice President and President of Global Strategy & Operations Vietnam, who is in charge of all of Samsung’s business operations in Vietnam. There was no tea or coffee and no formal welcome in a reception room. As soon as he arrived Mr. Han went directly to the factory and warehouse where Viet Hung’s employees were hard at work. He took a look around the factory and examined production lines while listening to Mr. Hung explaining the production steps and management methods applied by the company. It was a very important day for Mr. Hung, who was trying to persuade Mr. Han that his company was qualified to be a first vendor of Samsung Electronics Vietnam. Though Viet Hung is already a first vendor, Mr. Han still wanted to visit the company to decide whether Samsung would continue its contract with Viet … [Read more...]
Samsung triples the number of Vietnamese suppliers since 2015
The number of Vietnamese spare part suppliers for Korean tech giant Samsung has reached 190, triple than the figure of 2015. This was reported by a Samsung representative at the company’s supporting industry exhibition organised in collaboration with the Ministry of Industry and Trade and the Ministry of Planning and Investment on June 21, according to newswire Cafef.vn. 12 of the 190 enterprises are first-tier suppliers, while the remaining 178 enterprises being second-tier, predominantly located in the north, with six first-tier suppliers and 155 second-tier suppliers. The remaining six first-tier and 23 second-tier suppliers are in the south. According to Han Myoungsup, general director of Samsung Vietnam, Vietnamese enterprises have enough potential and capacity to become Samsung’s suppliers. Samsung welcomes all Vietnamese enterprises meeting its requirements on product quality, delivery time, and pricing. Along with seeking Vietnamese suppliers through … [Read more...]
Samsung continues search for local suppliers
The number of Vietnamese firms in Samsung's supply chain tripled last year, according to reports at a Samsung seminar on the Development of Vietnam’s Support Industries on June 21. To help local enterprises to enhance their production capacity, Samsung has sent nine experts from South Korea to Vietnam for help. The number of Level 1 suppliers had increased from four to 12 and there are 178 Vietnamese Level 2 suppliers. Local firms have improved the quality of their products. The inventory level at Goldsun Company decreased by 60% and the equipment error rate decreased by 72%. The inventory and equipment error rate at Mida Company have also reduced by 54% and 52% respectively. Han Myoungsup, general director of Samsung Vietnam, said anyone could become their suppliers as long as they can meet requirements about quality, deadline and price. He suggested that Vietnamese firms should put more priority on technical training to ensure better quality as that was the only to meet the … [Read more...]
Building a win-win partnership
The business community has hailed the media for its active role in shaping a healthier business and investment environment. In the meantime, the media has been asked to fine tune its self so that journalist should never been a threat to good business practices. Pro-business voices Earlier this year, eight local dairy goods importers, producers and traders had a lucky escape when the General Department of Customs (GDT) handed down a sentence on tax arrears totalling an estimated VND700 billion (US$31.1 million). Asked to pay extra value-added tax and import tariffs for material imports which had been miscategorised and therefore under-taxed, Vinamilk, Hanoimilk, FrieslandCampina, Nutifood, Dai Tan Viet, Hoang Lam, A Chau and The He Moi, spread word of their petition against the tax collection decision to local media outlets. Almost all local economic newspapers published the story on the dairy importers’ appeal to the government bodies which created a wave of public discontent … [Read more...]
BUSINESS IN BRIEF 31/5
Inflation must be kept under five percent, demands Deputy PM Deputy Prime Minister Vuong Dinh Hue has affirmed the Government’s resolve to keep inflation at between 4-5 percent for the whole year following consecutive consumer price index (CPI) increases in the period from January to May. According to the General Statistics Office (GSO), the CPI in May rose 0.54 percent against the previous month and 2.28 percent against the same period last year. For the whole five months, the CPI has upped 1.88 percent. The agency said the CPI hike in May is the highest in the past five years, caused by the simultaneous price increase in 11 groups of goods from the previous month. Talking with the press, Deputy PM Hue said 2016 saw several factors that can push up the CPI, including rising oil prices and the upward revision of some public services such as education. The ongoing drought and saline intrusion has also pushed the prices of agricultural products higher. At a recent meeting of the … [Read more...]
Samsung aims for more local links in chain
Korean tech giant Samsung group is incorporating more Vietnamese parts and materials suppliers to link into its supply chain. Since September 2015, Samsung has been courting various domestic firms to select eligible suppliers. The number of local suppliers in their chain has surged from 32 to 63 over the past year, including 11 first-tier and 52 second-tier suppliers. The South Korean tech conglomerate is also offering training with Korean experts to help domestic suppliers raise their productivity and meet global standards, thus enabling it to join its supply chain. These actions reflect Samsung’s commitment to improving the rate of localisation as well as its plan to turn the country into its main production base. Han Myoungsup, general director of Samsung Vietnam, said that Samsung hopes to co-operate with domestic suppliers that demonstrate an elevated performance after their training with Korean experts. Most recently, three local firms have qualified as suppliers for … [Read more...]